Watch videos with subtitles in your language, upload your videos, create your own subtitles! Click here to learn more on "how to Dotsub"

Newsy

0 (0 Likes / 0 Dislikes)
BP displayed gross negligence regarding the massive 2010 oil spil in the golf of Mexico It's a ruling that could cost the company billions in fines Judge Carl Barbier ruled BP acted recklessly and ignored repeated warning signs while operating its Deep Water Horizon oil rig in the Gulf actions which led to the rig's explosion on April 20, 2010 the disaster killed 11 people and spilled over 4 billion barrels of oil into the Gulf according to U.S. government estimates Barbier divided blame for the disaster onto three of the companies envolved BP, Halliburton and Transocean. The majority of liability was put on BP's shoulders Barbier found that while Halliburton and Transocean might have acted negligebly only BP acted recklessly phrases like "reckless" and "gross negligence" are extremely damaging for BP because they increase the company's liability under the Clean Water Act normally BP's fines would cap at $1100 a barrel for simple negligence but gross negligence almost quadruples that figure Thursday's ruling could cost BP up to 18 billion dollars if the U.S. imposes the maximum penalty BP has earmarked only 3.5 billion dollars for Clean Water Act fees The company has strongly disagreed with the ruling claiming that Barbier decision is not supported by the evidence at trial and bound to appeal it It's worth noting that BP hasn't shy away from responsibility for the spill the company's most recent earnings report estimates the spill is cost the company 43 billion dollars to date but BP has also argued Halliburton and Transocean should bear much greater share of the liability than Barbier assigned them. Both Halliburton and Transocean have already agreed to 1 billion dollar settlement over the catastrophe which could help them avoid some potential fines Halliburton's settlement came just two days before the ruling Thursday's decision was just the second part of a three phase court battle over the oil spill The third part which begins January will decide the exact amount each company must pay.

Video Details

Duration: 2 minutes and 15 seconds
Country:
Language: English
License: Dotsub - Standard License
Genre: None
Views: 7
Posted by: gdespian on Apr 3, 2015

Newsy

Caption and Translate

    Sign In/Register for Dotsub above to caption this video.